OTHER BORROWINGS

12 Months Ended

Dec. 31, 2020

Subordinated Borrowings [Abstract]

OTHER BORROWINGS [Text Block]

NOTE 20 – OTHER BORROWINGS

Other borrowings, as of the indicated dates, consisted of:

	December 31,		December 31,
(In thousands)	2020		2019
Floating rate junior subordinated debentures (FBP Statutory Trust I) (1) (2)	$	65,205	$	65,593
Floating rate junior subordinated debentures (FBP Statutory Trust II) (3)		118,557		118,557
	$	183,762	$	184,150

Amount represents junior subordinated interest-bearing debentures due in 2034 with a floating interest rate of 2.75% over 3-month LIBOR (2.98% as of December 31, 2020 and 4.65% as of December 31, 2019).Refer to note 15 – “Non-Consolidated Variable Interest Entities and Servicing Assets – Trust Preferred Securities,” above for additional information about the Corporation’s repurchase in the third quarter of 2020 of $0.4 million in TRuPs associated with these junior subordinated debentures.Amount represents junior subordinated interest-bearing debentures due in 2034 with a floating interest rate of 2.50% over 3-month LIBOR (2.74% as of December 31, 2020 and 4.41% as of December 31, 2019).